KeytoMarkets

USDJPY failed to gain a footing above 50MA

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY: On Tuesday the cross failed to gain a footing above the Monday high 112.90 which coincides with 50MA. Underneath the indicators give a bearish outlook with RSI sloping down and the oscillator is remaining bearish .
Support at the 100MAs has held so far firm keeping the momentum in a tight range between 113.00-112.00. However, the reaffirmation of support at the 100MA could trigger a rebound to through the 50MA. To confirm a change in trend, the cross needed to break through 50MA, in this case, 113. 40 /113.50 and 113.80 could possible.
Technically, the 20MA has remained crossed above the 50MA, and the 50MA crossed remained above 100MAs which is bullish .
The flip side, a break below 100MAs may trigger a new leg down towards 111. 40 before 111.00.